BRICS for business, BRICS for growth! PM Modi calls member nations to invest in investment friendly economy, India

Brasilia, November 14: "India is the world's most open and investment friendly economy", PM Narendra Modi affirmed on Thursday as he wooed the BRICS business leaders and urged them to invest in the country's infrastructure development.

 

Addressing the closing ceremony of the BRICS Business Forum, PM Modi said that the grouping of five countries had led to economic development despite the global economic slowdown. Terming India a land of limitless opportunities, he urged the business leaders of the BRICS nations to invest in India, particularly in its infrastructure development.

 

 

"BRICS countries account for 50 per cent of the world's economic growth. Despite the recession in the world, BRICS countries accelerated economic development, brought millions out of poverty and achieved new breakthroughs in technology and innovation," he said thanking President of Brazil Jair Bolsonaro for his government's decision to give Indians visa-free entry in the latin American country.

He said the Brazil, Russia, India, China and South Africa should deliberate on mutual social security agreement. "I would also like to suggest that by the next BRICS Summit, at least five such areas should be identified in which joint ventures can be formed between us on the basis of complementarities", the Prime Minister affirmed.

PM Modi was in Brazil for the 11th BRICS Summit which nurtured on building mechanisms for counter-terrorism cooperation and strengthen India's ties with the world's five major economies.